The Olayan family is the Middle East’s wealthiest family. They control more than 40 businesses through The Olayan Group.
Founded by Suliman Olayan, the business began as a trucking company in 1947. In 1954, Suliman launched the Group’s distribution business, General Trading Company, and went on to establish a commercial insurance business that would become the region’s largest broker, Arab Commercial Enterprises.
In the 1960s, Suliman expanded the family’s interests into international equity investing while also securing exclusive regional distribution deals with companies such as Kimberly-Clark, General Foods, Pillsbury, Kenworth and Coca-Cola. Suliman Olayan died in 2002.
Suliman’s daughter, Lubna Olayan, has served as the deputy chair of Alawwal Bank since 2014. She is the former CEO of the Olayan Financing Company and sits on the Group’s board. In 2019, she became the first woman in Saudi Arabia to run a publicly-traded bank as the chairwoman of the Saudi British Bank.
Lubna Olayan’s brother, Khaled S. Olayan, serves as chairman of the Olayan Group and the Olayan Saudi Holding Company. Their siblings Abdullah and Hayat Olayan sit on the board of the holding entity for the Olayan Group’s operations in the Middle East. Hutham Olayan is the Olayan Group’s chairman of the corporate board and sits on the board of IBM.
